Invest in ICICI Prudential Overnight Fund: Growth vs HDFC bank savings account 3.50%

What is the interest rate provided by ICICI Prudential Overnight Fund: Growth vs just keeping the money in HDFC bank savings account at 3.50% interest rate.

The CAGR has been 4.89%. Refer: https://coin.zerodha.com/funds/140516058.00206600/icici-prudential-overnight-fund-direct-plan

But is it 100% safe (no risk) right?

Nothing is 100% safe, not even your bank FDs or G-secs, technically, even the Govt can default. It’s low risk and that’s the right way to look at things.